Tonny Weiss predicts bitcoin growth

A well-known cryptocurrency analyst Tony Weiss believes that bitcoin BTC $62,357.97 Bitcoin -2.11% Market capitalization $1.23 trillion VOL. 24 hours $1.24 billion is preparing for another rally. According to the expert, the rate of the flagship cryptocurrency is pushing off from the «bottom» of $ 15,700, so only further growth of the digital asset will be natural.

The analyst noted that the price of bitcoin has been consolidating around $ 17,000 for a long time, so we can expect the rate to rise. «There is a more than 50% chance that the bitcoin rate will go up. We should expect the first cryptocurrency to grow by at least 10%. However, if it reaches the level of previous figures, which is about $ 20,000, market players may increase pressure on the industry,» the expert emphasized.

Mr. Weiss emphasized that the price of an asset usually trades within the «bottom» for only a few hours. Bitcoin did fall to $ 15,700 for a fairly short period of time. In late October, an experienced trader said that bitcoin would reach a six-figure price in 2023, even before the next reduction in rewards for miners (halving).

Weiss warned of a possible rise in the bitcoin price to $ 100,000. Another reason for the possible jump in the BTC is the financial control of governments, which can result in fiat funds being confiscated or frozen. The trader suggests that if bitcoin falls below the $ 10,000 level, investors will immediately take advantage of it. Arthur Hayes, the former director of the BitMEX cryptocurrency exchange, once expressed similar thoughts.